wordpress blog stats
Connect with us

Hi, what are you looking for?

SBI Provides Mobile Banking Services To RCOM GSM Subscribers; SBI Mobile Banking Trends

When it comes to mobile transactions, the State Bank of India is clearly (pardon the jargon) the "elephant in the room". Now they're expanding their reach by providing mobile banking services to customers of Reliance Communications. Remember that SBI has also formed a joint venture with Bharti Airtel for mobile remittances and money transfer, and at that time, the Chairman of SBI had said that that was an exclusive tie-up. So we're not sure of what was exclusive about that deal, since SBI is also offering its customers on RCOM "balance inquiry, mini statement, fund transfer, cheque book issuance, mobile recharge and bill payment". Undoubtedly, SBI will have to forge tie-ups with all telecom operators to maximise the reach of its service offerings. The service for RCOM GSM customers is USSD based, a feature that isn't available to CDMA customers - RCOM customers who have an active current/ savings account with SBI will have to have to register for the services with SBI, and dial *595# to view menu choices and key-in whether they want to view account balance, get mini statements, do Fund Transfer, change MPIN or recharge their mobile account. Transaction information will be sent to them via SMS. The State Bank of India, India's largest public sector bank, dominates mobile transactions in terms of both volumes and value, accounting for 529,318 transactions (74.81% of total) and Rs. 32.63 crore transacted (52.96% of total) in February 2011. Note that the Reserve bank of India defines ‘mobile banking transactions’ as follows…

Please subscribe/login to read the full story.
Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

Free Reads

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

News

The newly launched partially open-sourced LLM Grok-1 can be commercially used but not trademarked.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ